BioVie Inc. Announces Pricing of Registered Direct Offering and Concurrent Private Placement Priced At-the-Market Under Nasdaq Rules
BioVie Inc. (NASDAQ: BIVI) has announced the pricing of a registered direct offering of 4,443,000 shares of common stock at $1.50 per share, raising gross proceeds of $6,664,500. The company is also issuing unregistered warrants to purchase up to 4,443,000 shares in a concurrent private placement. These warrants have an exercise price of $1.37 per share, will be exercisable after six months, and expire five years from the initial exercise date.
The offering is expected to close around October 22, 2024. BioVie plans to use the net proceeds for working capital and general corporate purposes. ThinkEquity is acting as the sole placement agent for this offering, which is being conducted under a shelf registration statement filed with the SEC.
BioVie Inc. (NASDAQ: BIVI) ha annunciato il prezzo di un'offerta pubblica registrata di 4.443.000 azioni di azioni ordinarie a $1,50 per azione, raccogliendo proventi lordi di $6.664.500. La società emetterà anche warrant non registrati per acquistare fino a 4.443.000 azioni in un collocamento privato concomitante. Questi warrant hanno un prezzo di esercizio di $1,37 per azione, saranno esercitabili dopo sei mesi e scadranno cinque anni dalla data di esercizio iniziale.
Si prevede che l'offerta si chiuda intorno al 22 ottobre 2024. BioVie intende utilizzare i proventi netti per il capitale circolante e le spese aziendali generali. ThinkEquity funge da unico agente di collocamento per questa offerta, che viene condotta in base a una dichiarazione di registrazione shelf depositata presso la SEC.
BioVie Inc. (NASDAQ: BIVI) ha anunciado la fijación de precios de una oferta pública registrada de 4,443,000 acciones de acciones ordinarias a $1.50 por acción, recaudando ingresos brutos de $6,664,500. La empresa también está emitiendo warrants no registrados para comprar hasta 4,443,000 acciones en una colocación privada concurrente. Estos warrants tienen un precio de ejercicio de $1.37 por acción, serán ejercitables después de seis meses, y caducarán cinco años a partir de la fecha de ejercicio inicial.
Se espera que la oferta se cierre alrededor del 22 de octubre de 2024. BioVie planea utilizar los ingresos netos para capital de trabajo y fines corporativos generales. ThinkEquity actúa como el único agente de colocación para esta oferta, que se realiza en virtud de una declaración de registro en shelf presentada a la SEC.
BioVie Inc. (NASDAQ: BIVI)는 4,443,000주의 보통주에 대한 등록 직접 제공 가격을 주당 $1.50으로 발표하며, 총 수익을 $6,664,500으로 올렸습니다. 회사는 또한 병행으로 진행되는 사모 placement에서 4,443,000주를 구매할 수 있는 등록되지 않은 워런트를 발행하고 있습니다. 이 워런트의 행사가격은 주당 $1.37이며, 6개월 후에 행사 가능하고 초기 행사일로부터 5년 후에 만료됩니다.
제공은 2024년 10월 22일에 종료될 것으로 예상됩니다. BioVie는 순자금을 운영 자본 및 일반 기업 용도로 사용할 계획입니다. ThinkEquity는 이 제공의 유일한 배치 에이전트로 활동하고 있으며, 이는 SEC에 제출된 shelf 등록 성명에 따라 진행됩니다.
BioVie Inc. (NASDAQ: BIVI) a annoncé le prix d'une offre publique enregistrée de 4,443,000 actions d'actions ordinaires à 1,50 $ par action, récoltant des recettes brutes de 6,664,500 $. La société émet également des bons non enregistrés pour acheter jusqu'à 4,443,000 actions dans le cadre d'un placement privé concomitant. Ces bons ont un prix d'exercice de 1,37 $ par action, seront exerçables après six mois et expireront cinq ans après la date d'exercice initiale.
La clôture de l'offre est prévue aux environs du 22 octobre 2024. BioVie prévoit d'utiliser les recettes nettes pour le fonds de roulement et les dépenses générales de l'entreprise. ThinkEquity agit en tant qu'agent de placement unique pour cette offre, qui est effectuée en vertu d'un état d'enregistrement de shelf déposé auprès de la SEC.
BioVie Inc. (NASDAQ: BIVI) hat die Preisgestaltung für ein registriertes Direktangebot von 4.443.000 Aktien von Stammaktien zu einem Preis von $1,50 pro Aktie bekannt gegeben und dabei Bruttoeinnahmen von $6.664.500 erzielt. Das Unternehmen gibt auch nicht registrierte Warrants aus, um bis zu 4.443.000 Aktien in einer gleichzeitigen Privatplatzierung zu erwerben. Diese Warrants haben einen Ausübungspreis von $1,37 pro Aktie, sind nach sechs Monaten ausübbar und laufen fünf Jahre nach dem ursprünglichen Ausübungstermin ab.
Das Angebot wird voraussichtlich am 22. Oktober 2024 abgeschlossen. BioVie plant, die Nettomittel für Betriebskapital und allgemeine Unternehmenszwecke zu verwenden. ThinkEquity fungiert als alleiniger Platzierungsagent für dieses Angebot, das unter einer bei der SEC eingereichten Shelf-Registrierungserklärung durchgeführt wird.
- Raised $6,664,500 in gross proceeds through a registered direct offering
- Additional potential funding through warrant exercise
- Strengthened cash position for working capital and corporate purposes
- Potential dilution of existing shareholders due to new share issuance
- Warrants may lead to further dilution if exercised in the future
- At-the-market pricing suggests possible downward pressure on stock price
Insights
BioVie's
The additional warrants for 4,443,000 shares at
For existing shareholders, this offering significantly dilutes their ownership. However, the fresh capital could help BioVie advance its clinical-stage drug therapies, potentially creating long-term value. Investors should closely monitor how effectively management deploys this capital to progress its pipeline and achieve key milestones in liver disease and neurological disorder treatments.
This financing round is important for BioVie's clinical development programs in liver disease and neurological disorders. The
For a clinical-stage biotech, consistent access to capital is vital. However, the need for this offering suggests BioVie may be facing cash constraints. The company's ability to secure funding in the current challenging biotech market is positive, but the terms reflect the high-risk nature of early-stage drug development.
Investors should focus on upcoming clinical milestones and data readouts, which will be critical in determining the company's long-term prospects. The success of BioVie's pipeline, particularly in competitive areas like liver disease and neurodegenerative disorders, will be essential for future value creation and potentially more favorable financing terms.
CARSON CITY, Nev., Oct. 21, 2024 (GLOBE NEWSWIRE) -- BioVie Inc. (NASDAQ: BIVI), (“BioVie” or the “Company”), a clinical-stage company developing innovative drug therapies to treat chronic debilitating conditions including liver disease and neurological and neuro-degenerative disorders, today announced the pricing of a registered direct offering of 4,443,000 shares of its common stock priced at-the-market under Nasdaq rules at a price of
The Company also agreed to issue to the investors unregistered warrants to purchase up to 4,443,000 shares of common stock in a concurrent private placement. The warrants will have an exercise price of
The Company intends to use the net proceeds from the offering primarily for working capital and general corporate purposes. All of the shares of common stock and associated warrants are being offered by the Company.
The registered direct offering and concurrent private placement are expected to close on or about October 22, 2024, subject to the satisfaction of customary closing conditions.
ThinkEquity is acting as sole placement agent for the offering.
The securities were offered and will be sold pursuant to a shelf registration statement on Form S-3 (File No. 333-274083), including a base prospectus, filed with the U.S. Securities and Exchange Commission (the “SEC”) on August 18, 2023 and declared effective on August 28, 2023. The offering will be made only by means of a written prospectus. A final prospectus supplement and accompanying prospectus describing the terms of the offering will be filed with the SEC and will be available on its website at www.sec.gov. Copies of the final prospectus supplement and the accompanying prospectus relating to the offering may also be obtained, when available, from the offices of ThinkEquity, 17 State Street, 41st Floor, New York, New York 10004.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About BioVie Inc.
BioVie Inc. (NASDAQ: BIVI) is a clinical-stage company developing innovative drug therapies for the treatment of neurological and neurodegenerative disorders (Long COVID, Alzheimer's disease and Parkinson’s disease) and advanced liver disease. In neurodegenerative disease, the Company’s drug candidate bezisterim inhibits inflammatory activation of extracellular signal-regulated kinase and the transcription factor, Nuclear factor- kB, and the associated neuroinflammation and insulin resistance but not ERK and NFkB homeostatic functions (e.g., insulin signaling and neuron growth and survival). Both neuroinflammation and insulin resistance are drivers of AD and PD. Persistent systematic inflammation and neuroinflammation are key features in patients with neurological symptoms of Long COVID. In liver disease, the Company’s Orphan drug candidate BIV201 (continuous infusion terlipressin), with FDA Fast Track status, is being evaluated and discussed with guidance received from the FDA regarding the design of Phase 3 clinical testing of BIV201 for the reduction of further decompensation in participants with liver cirrhosis and ascites. The active agent is approved in the U.S. and in about 40 countries for related complications of advanced liver cirrhosis. For more information, visit www.bioviepharma.com.
Forward-Looking Statements
This press release contains forward-looking statements, which may be identified by words such as "expect," "look forward to," "anticipate" "intend," "plan," "believe," "seek," "estimate," "will," "project" or words of similar meaning. Although BioVie Inc. believes such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. Actual results may vary materially from those expressed or implied by the statements herein due to the Company's ability to successfully raise sufficient capital on reasonable terms or at all, available cash on hand and contractual and statutory limitations that could impair our ability to pay future dividends, our ability to complete our pre-clinical or clinical studies and to obtain approval for our product candidates, our ability to successfully defend potential future litigation, changes in local or national economic conditions as well as various additional risks, many of which are now unknown and generally out of the Company's control, and which are detailed from time to time in reports filed by the Company with the SEC, including quarterly reports on Form 10-Q, reports on Form 8-K and annual reports on Form 10-K. BioVie Inc. does not undertake any duty to update any statements contained herein (including any forward-looking statements), except as required by law.
For Investor Relations Inquiries:
Bruce Mackle
Managing Director, LifeSci Advisors, LLC
bmackle@lifesciadvisors.com
For Media Relations Inquiries:
Melyssa Weible
Managing Partner, Elixir Health Public Relations
mweible@elixirhealthpr.com
FAQ
How much did BioVie (BIVI) raise in its recent offering?
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